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Hong Kong Amata Company invests over $270 mln in smart and eco city business

HONG KONG listed Amata Company brings in over US$270 million in the development and operation of Smart and Eco City and related business, said U Thant Sin Lwin, Director-General of the Directorate of Investment and Company Administration.

Yangon Amata Smart and Eco City Ltd will develop and operate smart and eco city business-eson 2,000 acres of land near Laydauntkan near East and South Dagon townships.

“Amata Corporation is the leading industrial city developer and it operates automotive business and industries. They also provide vocational trading. The project in Myanmar also includes vocational training center. I believe it will help improve Myanmar’s skilled labour sector”, said U Thant Sin Lwin.

The heavy investment like Amara is a good start for the current fiscal year.

It is about one and half year that Amata proposed to invest in the country. However, the company held on the investment to manage land location, environmental condition, road infrastructure, wastewater treatment system.

Further, Myanmar has investment potentials from the South East Asian countries owing to cheap labour and business potentials in the country. This being so, more large entities are likely to enter the country, he added.

“We see many investment potentials of large companies. We prioritize the responsible business and so, we take special care while screening the investment proposals’, said U Thant Sin Lwin. Large investments are pos- sibly to flow into the oil and gas, agriculture, mineral, manufacturing and industrial estate sectors.

The economic interaction between Myanmar and Hong Kong has been increasing rapidly. Hong Kong has emerged as the third largest investor in Myanmar, after Singapore and China. Between 1988 and September, 2019, 196 enterprises from Hong Kong have brought in foreign direct investments of $8.2 billion into Myanmar, according to official data on existing enterprises provided by the Directorate of Investment and Company Administration.

Source: Global New Light of Myanmar

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